What is Meant By Data-Driven Innovation?

Today’s society is absolutely in throes of a pulsating data revolution. Every kind of information out there, including information about the most minute of details, like for instance, the life forms thriving in the smallest inch of earth, is available online. This very information is rapidly being converted into data, that is accessible and can be read by machines. New ways are being discovered, to make great progress, across a number of fields and industries, all of which are on the basis of analysing of data. Many experts belonging to the field of Data Science believe, that the future holds a lot in store especially when it comes to innovation with data. As technology progresses, the world finds better ways to adapt, in terms of collecting, storing and analysing data. It won’t be long until the time when our economies and societies are fully data driven.

While data is gradually becoming one of the key drivers of the 21st Century economy. Data Science and Data Analytics, both these concepts have shown incredible potential, for stimulating innovations as well as progress in various different areas of the industry. Since its emergence, people belonging to the IT sector or other related industries, have been able to understand the complexities of the world, in a much better way, which has then prompted them to make better decisions, for the growth and development of their respective firms. As the world and humankind evolves, it gets more complex and the advent of technology is ensuring that we are able to make sense out of this melange of complexities. Take for example cars manufactured by the Tesla company, which specializes in manufacturing self driven cars and is also trying to make use of non-conventional energy resources in the place of fuel and gas for cars. From a lay perspective, this is what is meant by Data Driven Innovation.

Big Data, probably is the most used term in the corporate world these days. It basically refers to the process of various firms and companies, which gather enormous amounts of information, in the form of large data sets, which are frequently updated to be further analyzed and used, in order to make value based decisions for the furthering of the companies. In the earlier days, companies and firms especially in the service sector, had to host a number of surveys and take into account samples (set of people for an experiment) and then make assumptions, as to how it would impact the larger society. With the introduction of Data Science and Big Data, companies no longer have to collect data sporadically, as they can very well generate their own data. The generation of their own data may possibly depend on a number of sources, but one of the most popular sources would be inviting consumers to provide feedback on the various, different products and services they provide. Another very important source of data is the Internet of things, which is a term that is used in reference to a number of devices, which are wirelessly connected to any particular network. This is how data driven innovation has been taking place and as the area for this development increases, the number of people wanting a make career out of Data Science also multiplies.